Tesco to close 43 stores

UK: Tesco is to close 43 unprofitable stores and move its head office to Welwyn Garden City in an effort to cut costs.

A large proportion of the closures will be local convenience shops and the retailer has also shelved plans for 49 new large stores.

Other cuts are being made to save £250m a year with capital spending through 2016 being cut by £1bn.